Bitcoin, Bullish H-S-Breakout Pointing To Final Wave Emerging!

By October 24, 2020Bitcoin Business
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22 hours ago

Hello Traders Investors And Community, Welcome to this update-analysis where we are looking at Bitcoins weekly timeframe perspective, the massive head-and-shoulder-formation I mentioned previously Bitcoin build on the weekly timeframe perspective now has properly formed the strong breakout above the bullish head-shoulder-confirmation-line and closed there, this was the important step in the structure to confirm this head-and-shoulder bullish and also activate the upper target-zones, now as this breakout has emerged and we can expect the continuation to the pointed targets it needs to be elevated that it is highly given that there can come a pull-back to the head-shoulder-confirmation-line stabilizing within the support lying there before the final wave can emerge, therefore I detected the important levels and mechanisms we should consider with bitcoins current situation and the upcoming destinies.

When looking at my chart you can watch there the clear weekly close above the head-shoulder-confirmation-line, on the smaller timeframes bitcoin run into resistance also here besides that it has an overbought condition on the daily to 4-hour timeframe, it is not seldom seen that after such a breakout above a preliminary confirmation-line there comes a pull-back to this level before the continuation can show up further, in this individual case we can expect bitcoin to pull-back to the final-wave-origin-zone where also several supports lying, which is firstly the neckline of the head-shoulder-formation, secondly the 20-EMA marked in blue and also the horizontal support lying within this level overall marking with the blue box in my chart a zone where Bitcoin has high likelihood given to bounce up from there and establish the final wave 5 which is determined to reach the projected targets.

The upcoming times it is important for Bitcoin to show how the bounce from the final-wave-origin-zone can look like, here it is really important that Bitcoin bounce strongly from that zone and do not fall below it because this can invalidate developed bullishness however as the head-and-shoulder breakout was that strong and there are some very solid supports lying this is currently not the most likely scenario and a bounce with the final wave establishment can be much more expected. After bitcoin has shown up with the final wave this will lead into the target-zone where several resistance is lying and also supply from past market environment, this is the point where a possible reversal can upcoming and Bitcoin sets up to pullback firstly to lower levels in the channel as you can see it marked in my chart the first level to consider here will be the immediate-pull-back-zone, till then we need to elevate how Bitcoin shows up with the further price-action which will be a meaningful indication, for now, Bitcoin has shown up with great bullishness however when the final-wave moves on it will lead also to strong resistance layers which should not be underestimated as the price-action can reverse from there.

In this manner, thank you for watching the analysis, have a good day as well as good trading and all the best!
"Astonishments tend to happen outside the usual experiences."

Information provided is only educational and should not be used to take action in the market.

14 hours ago

Comment: Initial Analysis:

Here Is Why BITCOINS HS-Formation Has Greater Bullish Prospects!

Hello Traders Investors And Community, Welcome to this update-analysis where we are looking at Bitcoins weekly timeframe perspective, the massive head-and-shoulder-formation I mentioned previously Bitcoin build on […]

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